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The Staffing Crisis in Insurance

Paul Carroll, Editor-in-Chief of ITL

We've all heard about the Great Resignation that has accompanied the pandemic, as people have reevaluated their priorities and, in millions of cases, decided that their current job doesn't make the cut. Many have quit and moved to a different company or even to a different industry, and many have stepped out of the work force altogether. 

It seems that insurance has it worse than just about any other industry. A study by McKinsey finds that 65% of those who resigned from a job in insurance or finance between April 2020 and April 2022 left the industry entirely. That percentage is exceeded only by the 76% in consumer/retail, which has always had a problem retaining people, and the 72% in government/social sector. And the departures from insurance come as the industry is starting to experience a long-anticipated sort of Great Retirement, as an awful lot of talent is aging out of the work force.

What to do? 

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When my younger daughter was a freshman at Yale, I was encouraged that her intro to economics class included a fairly long section on the economics of insurance -- essentially, an exercise in determining how much people valued the peace of mind they get from having a policy in place. Insurance certainly never came up in any of the economics classes I took way back when, and I took the material as a good sign: A top-tier college was making insurance intriguing for smart, young students.

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